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Home  »News  »Finance News

Shop around for best pension deals, advises Saga

28/07/2010

The whole landscape surrounding pensions is a bit confusing at the moment, particularly as the default retirement age looks set to rise over the next decade or so. Now, a story in the Daily Telegraph claims that thousands of people have been mis-sold annuities, because they were not made aware that they could get a higher income by shopping around. Commenting on the story, Paul Green, spokesperson for Saga, said: "It is a national disgrace that so many people who have done the right thing and saved for their retirement miss out on getting a better pension." "Shopping around for the best rate should be the default option," he added, but warned that even those who shop around could still be short changed. "Too many miss out on enhanced annuities because of lifestyle and health issues." He's not the only one who thinks pensioners could struggle to live off their pensions. A report from the Pensions Policy Institute earlier this year said that many older people may not be able to achieve a desired standard of living in retirement from their pension income alone. Posted by Jez Walters

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